Published on 2/13/2013 in the Prospect News Municipals Daily.
New Issue: Knoxville, Tenn., sells $21.24 million utility bonds, part of $143.87 million deal
By Sheri Kasprzak
New York, Feb. 13 - The City of Knoxville, Tenn., priced $21.24 million of series 2013 utility revenue refunding bonds, according to a pricing sheet. The deal was part of a $143,865,000 offering, $122,625,000 of which priced competitively Tuesday.
The offering included $9.66 million of series 2013CC electric system revenue refunding bonds and $11.58 million of series 2013S gas system revenue refunding bonds.
The 2013CC bonds are due 2013 to 2031 with 3% to 4% coupons.
The 2013S bonds are due 2014 to 2031 with coupons from 2% to 4%.
The bonds (Aa2/AA+/) were sold competitively with BofA Merrill Lynch winning the bid for both tranches, said Mark Walker, chief financial officer for the city.
The true interest cost for the series 2013CC bonds was 2.6641733%, and the TIC for the 2013S bonds was 2.6786628%.
Proceeds will be used to refund existing utility bonds.
| Issuer: | City of Knoxville, Tenn.
|
| Issue: | Series 2013 utility revenue refunding bonds
|
| Amount: | $21.24 million
|
| Type: | Competitive
|
| Underwriters: | BofA Merrill Lynch
|
| TIC | 2.6641733% (for 2013CC), 2.6786628% (for 2013S)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Pricing date: | Feb. 13
|
| Settlement date: | March 15
|
|
|
| $9.66 million series 2013CC electric system revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $75,000 | 2013 | Serial | 3% | 100.787
|
| $50,000 | 2014 | Serial | 3% | 103.313
|
| $50,000 | 2015 | Serial | 3% | 105.53
|
| $450,000 | 2016 | Serial | 4% | 110.866
|
| $475,000 | 2017 | Serial | 4% | 113.436
|
| $475,000 | 2018 | Serial | 4% | 115.543
|
| $500,000 | 2019 | Serial | 4% | 116.726
|
| $515,000 | 2020 | Serial | 4% | 117.135
|
| $540,000 | 2021 | Serial | 4% | 117.636
|
| $560,000 | 2022 | Serial | 3% | 108.163
|
| $575,000 | 2023 | Serial | 3% | 106.737
|
| $590,000 | 2024 | Serial | 3% | 104.639
|
| $640,000 | 2025 | Serial | 3% | 103.267
|
| $650,000 | 2026 | Serial | 3% | 101.989
|
| $670,000 | 2027 | Serial | 3% | 100.877
|
| $675,000 | 2028 | Serial | 3% | 99.389
|
| $710,000 | 2029 | Serial | 3% | 98.599
|
| $725,000 | 2030 | Serial | 3% | 97.747
|
| $735,000 | 2031 | Serial | 3% | 96.973
|
|
|
| $11.58 million series 2013S gas system revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $50,000 | 2014 | Serial | 2% | 101.533
|
| $50,000 | 2015 | Serial | 3% | 104.792
|
| $50,000 | 2016 | Serial | 3% | 106.941
|
| $570,000 | 2017 | Serial | 4% | 112.535
|
| $595,000 | 2018 | Serial | 4% | 114.745
|
| $615,000 | 2019 | Serial | 4% | 116.061
|
| $645,000 | 2020 | Serial | 4% | 116.609
|
| $695,000 | 2021 | Serial | 4% | 117.138
|
| $715,000 | 2022 | Serial | 3% | 108.091
|
| $730,000 | 2023 | Serial | 3% | 106.717
|
| $745,000 | 2024 | Serial | 3% | 104.693
|
| $790,000 | 2025 | Serial | 3% | 103.369
|
| $800,000 | 2026 | Serial | 3% | 102.135
|
| $840,000 | 2027 | Serial | 3% | 101.06
|
| $875,000 | 2028 | Serial | 3% | 99.759
|
| $905,000 | 2029 | Serial | 3% | 98.996
|
| $940,000 | 2030 | Serial | 3% | 98.169
|
| $970,000 | 2031 | Serial | 3% | 97.416
|
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